Verde Bioresins to go public

The biobased plastics start-up Verde Bioresins is going public through a purchase by the special purpose acquisition company TLGY Acquisition. Verde will receive net proceeds of $63 million and will trade on the Nasdaq exchange. Verde has been developing PolyEarthylene, a plastic that it says is biobased and biodegradable. According to company safety documents, most of its products are compounds of polyethylene with calcium carbonate and proprietary additives. Polyethylene isn’t normally biodegradable. Verde says Braskem, which makes polyethylene from ethanol in Brazil, is a strategic supplier. It also says that Vinmar will distribute its material. Verde completed a 23,000-metric-ton-per-year plant in Fullerton, California, in 2022. But a TLGY presentation warns that Verde has yet to generate revenue from product sales.